Trade Alert for – Symbol = GBP/USD.
Trade Alert for Tuesday Jan 13, 2009.
On Jan-12-2009 a candlestick formation confirmed a sell signal. A sell signal was also confirmed when this contract closed below 1.4973 on Jan-12-2009. 4xGenie Action: ==> Sell @ 1.4735. Stop at 1.5375. Wave 3 could drop down to 1.4532 or to 1.4002. NOTE: The width of the Bollinger Bands has started to narrow which indicates that prices are beginning to consolidate.
Next Day Trading Ranges for Tuesday Jan 13, 2009.
The 20 day moving average of the daily trading range is 340 Pips and the 60 day moving average of the daily trading range is 386 Pips. This shows that volatility has decreased in the short term. The percentage of downdays when the open/high ratio is less than 25% is 78.06 percent. This means that if this Currency Pair does not rise more than 85 Pips from the opening price then there is a 78.06 percent chance that this will be an downday.
Monthly Pivots Points For GBP/USD.
The [R3] or the most extreme high trading range is 1.4886.
The [R2] or the extreme high trading range is 1.4857.
The [R1] or the high trading range is 1.4810.
The [P] or pivot point is 1.4781.
The [S1] or the low trading range is 1.4734.
The [S2] or the extreme low trading range is 1.4705.
The [S3] or the most extreme low trading range is 1.4658.
Next Day Alternate Stops for Tuesday Jan 13, 2009.
The red line to the right on your chart is an extreme support or resistence level for the next trading day.
A good alternative stop is one which is placed just beyond this extreme support/resistance level.
In this particular case if the price rises above 1.4857 then that would show momentum against 4xGenie’s short position and that would be a break out to the upside.
Please Note: These support/resistance levels are calculated by using the previous day’s trading range. Normal volatility may cause a breakout of this value once every 4 or 5 days when prices consolidate.
Current Day Trading Session:
New momentum to the downside has just started.
Next Day Trading Session:
If the next day’s close is above 1.4857 then that could be a sign that the current downward momentum is reversing.
4xGenie Support Team
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nice blog